This course is a basic introduction to federal taxation. The purpose is to familiarize the student with fundamental tax issues and provide the student with a general understanding of the history, laws, and policies of federal taxation.
Propose year-end tax strategies to decrease taxable income.
Calculate tax liability, refund, or amount due using a Form 1040.
Calculate applicable tax credits, payments and penalties.
Identify tax preferences with regard to the Alternative Minimum Tax (AMT).
Property Transactions, Passive Activities, and Gross Income part II
Compute gross income.
Calculate taxable capital gains and losses.
Differentiate between deductible and non-deductible losses.
Determine taxable implications of the purchase, sale or exchange of property.
Identify non-taxable property transactions.
Determine gain or loss.
Recognize what constitutes a passive activity.
Income Tax Foundations
Use tax preparation software.
Discover answers to tax questions using outside reference sources.
Identify the major components of Form 1040.
Compare and contrast Generally Accepted Accounting Principles (GAAP) and income tax accounting.
Distinguish between instances of tax avoidance and tax evasion.
Locate sources for information on U.S. tax law.
Define the objectives of U. S. tax law.
Filing Status, Exemptions, and Gross Income part I
Determine net rent and other pass through income.
Determine net business income.
Determine all included, excluded, and exempt gross income items.
Determine if a taxpayer must file a return.
Determine personal and dependency exemptions.
Determine a taxpayer's filing status.
Adjustments to Gross Income and Itemized Deductions
Compute taxable income.
Calculate itemized deductions.
Identify deductions allowed in computing Adjusted Gross Income (AGI).
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While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with a University Enrollment Advisor.
Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.
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